Changes in autonomous fiscal and monetary policy following from the Czech Republic’s membership in the European Union.

The process of admission of the Czech Republic to the European Union has been successfully completed and the Czech Republic became a member of the European Union in May 2004. By admission to the Treaty Establishing the European Community, the Czech Republic undertook to accept rights and duties resulting from membership. A part of membership of the European Union is accession to the Euroarea and introduction of the euro as a single currency. The author of this thesis focuses on national stabilization policy and deals with the question „How membership of the European Union and perspective admission to the Euroarea influence and will influence independent fiscal and monetary policy of the Czech Republic“.

Lukáš Bortel

Economic analysis of legislative regulation in banking industry.

Ekonomická analýza právní regulace v bankovnictví

Summary:

Rules refer to behavioral patterns that other individuals expect a person to adopt and follow in the context of various interdependent activities and actions. Thus, the rules one individual is expected to follow influence the choices made by other individuals, cf. rules to coordinate and motivate interdependent behavior. Nonetheless, rules are generally not necessary if there are no conflicts to resolve. It is obvious that the incentives created by scarcity lead to the rationing processes that economists study, and they also underlie the development of many rules and institutions. Rules to coordinate competition establish the obligations that underlie the property rights to scarce resource and goods, as well as the procedures through which those property rights can be created, attenuated, and transferred. As it is apparent, regulation itself shall be assumed as not only essential for law and legal science, but for economics as well. The aim of the text is aimed not only at general aspects of the aforementioned regulatory issues but also at particular topics falling within the scope of banking regulation.

Lidmila Janečková

Pavlína Pellešová

Halina Starzyczná

Miroslava Vaštíková

The theory of development poles and its use in today’s economic practice.

Teorie pólů rozvoje a její využití v současné hospodářské praxi

Summary:

The pole theory is based on the fact that each country includes developed (effective) as well as underdeveloped or stagnant (empty) economic localities or areas. The pole theory is used in the practice of economic growth. Good experiences with exercising of this theory have been reached in the countries like France, Great Britain, Germany. To facilitate the exploitation of all polarization effects it is necessary to optimize the criteria of industrial zones evaluation. In this case the zones would represent not only the growth poles, but first of all the poles of development.

Michal Kvasnička

Eventual lessons from British monetary debate in the 1st half of the 19th century.

Možná poučení z britské monetární debaty první poloviny 19. století

Summary:

The main subject of this paper is the great monetary debate which took place in the United Kingdom during the first half of the 19th century. This particular debate was the most important of all debates about monetary policy and banking regulations, as evidenced by its influence on later debates all over the world and its overall impact on the future development of banking. From this debate we can also learn about the origin of central banking and banking regulations. The paper is organized as follows: First, it summarizes the state of the English and Scottish banking industry during the first half of the nineteenth century. Secondly, the progression of the debate is described. Finally, the paper summarizes some lessons from this discussion.

Robert Müller

Free banking – proposals for central banking reforms.

Svobodné bankovnictví - návrhy reforem centrálního bankovnictví

Summary:

This paper inquires into proposals of Austrian economists to reform the contemporary monetary arrangement with central banking into a system of free banking. Under a free banking system any bank might issue its own money. However, there are a number of very different reform proposals and all of them were raised by economists belonging to the Austrian school of economic thought. A question, why they do not agree on a single proposal, is the main issue discussed in this paper. In order to find an answer, it is important to understand the significance of reform proposals first. History of economics shows that roots of the investigated problem can be traced back as far as to ancient Greeks. An analysis of main controversial issues shows that deeper investigation of the Austrian school’s methodology, theory of money and monetary theory of business cycle is necessary.

Anna Schultzová

The exchange of tax information in EU states.

Výmena daňových informácií v štátoch Európskej únie

Summary:

The most frequently used form of exchanging information which is related to a particular tax case is the exchange upon request of an interested party. On the other hand, the tax administrator during a tax audit in one of the Agreement States may ascertain some relevant information and assume, that it could by used in another Agreement State. The tax administrator is allowed to send this information about the taxpayer spontaneously to the competent department of the Tax Directorate of the Slovak Republic. This spontaneous information provision can refer to the income obtained in another state and it is assumed that it has not been declared yet or will not be declared. The spontaneous exchange of tax information therefore may help to eliminate potential tax evasion, especially in case the taxpayer earns the income in another Agreement State.

Judita Táncošová

Methodical aspects of lecture preparation and methodology of reading a lecture.

Metodické aspekty prípravy prednášky a metodika prednášania

Summary:

The purpose of the paper is to turn attention to the most important attributes of methods used in writing and delivering lectures. Although this area is especially important in increasing quality of teaching, it is often paid little attention. The author describes the aspects of university teacher’s preparation for a lecture: preparation in terms of content of the lecture and methods of its delivery.

On the Effects of Expected and Unexpected Changes in Money Supply. The Case of Czech Republic (1994-2003)

The aim of this contribution is to explain the effects of expected and unexpected changes in M2 money aggregate on real output and unemployment in Czech Republic. It focuses on the long-run relations (with use of monthly time series (1994 - 2003). For explanation of long-run behaviour a unit root test and a cointegration test were undertaken, which rejected the hypothesis of cointegration. Then the unrestricted VAR-based impulse response analysis was made. Expected and unexpected changes were differentiated with Cochrane correction. The results are only partly consistent with the natural unemployment rate hypothesis: although the biggest reactions are after the absolutely unexpected monetary shocks, there is a certain degree of unemployment rate on the M2 development.